Nigerian DeFi startup Xend Finance increases size of funding round to $2m

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Nigeria’s Xend Finance, a decentralised finance (DeFi) platform for credit unions and cooperatives, has topped up its funding round to US$2 million as it announces a key partnership.

Xend Finance, which in 2019 took part in the Google Launchpad Africa accelerator and the Binance Incubation Programme, has developed a platform that gives everyone access to the global money market so members can save and invest in stable currencies. 

The Xend Finance platform also allows users to create their own credit unions and cooperatives, eliminating traditional middle men, while earning up to 15 per cent annual percentage yield on their savings.

The startup launched its platform publicly late last year after raising US$1.5 million in funding from investors including Binance Labs, Google Developers Launchpad, AU21 Capital, Ampifi VC, JUN Capital, TRG Capital, and Sandeep Nailwal, among others. 

That round has now been topped up, with additional investments from new investors, led by NGC Ventures and Hashkey, bringing the total raised in the company to US$2 million. Meanwhile, Xend Finance has also announced a product integration and business partnership with TechFusion Africa, a Software as a Service (SaaS) provider in Africa. 

TechFusion Africa counts nearly 5,000 credit union members across its suite of products who will gain access to Xend Finance’s DeFi credit union platform. Xend Finance gives TechFusion Africa’s members access to the global money market so members can save and invest in stable cryptocurrencies, while earning higher interest rates. 

“We’re very excited to be forming practical and tangible business partnerships that can provide immediate dividends for people who need it in developing countries,” said Aronu Ugochukwu, chief executive officer (CEO) of Xend Finance. 

“TechFusion is one of the leading providers of solutions for cooperatives and credit unions in Africa and partnering with them ensures that we can spread the rewards of DeFi faster across the continent.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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